The Cable’s corrective pullback from 1.6161, 18/09 fresh high, has stabilized at the psychological Fibonacci at 61.8% of the 1.5890/1.6161 ascend support. With near-term basing attempt being under way. Hourly studies are weak and require a break above the lower top at 1.6065 to confirm recovery, as the 4-hour structure remains positive and keeps the upside favored. However, overbought daily studies require caution, as possible extension below 1.5900/1.5880 higher platform would risk deeper pullback and open next target at 1.5800. Conversely, clearance of 1.6065 and regain of 1.6100 barrier would shift near-term focus towards 1.6161 and signal possible resumption of larger uptrend towards 1.6200, next upside target.
Resistance: 1.6065; 1.6100; 1.6140; 1.6161
Support: 1.6000; 1.5985; 1.5954; 1.5890
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